JLL Income Property Trust has made its second major warehouse acquisition in Whitestown, Indiana, this year, paying approximately $137 million for a 1.1 million-square-foot distribution center occupied by a single tenant.
The acquisition of Whitestown Distribution Center IV follows the REIT’s $60 million purchase of a nearby 605,000-square-foot warehouse in April. Together, the transactions represent approximately $197 million invested across 1.7 million square feet of industrial property in the northwest Indianapolis submarket during 2026.
The latest property was completed in 2024 and is fully occupied under a long-term lease. JLL Income Property Trust has not identified the tenant but says the building is the occupier’s largest North American redistribution center and supplies eight regional centers.
That network role distinguishes the facility from a conventional local distribution warehouse. A redistribution center typically operates further upstream in the supply chain, replenishing regional facilities rather than serving individual stores or customers directly. JLL Income Property Trust did not disclose the products handled, throughput or inventory capacity at the building.
At the disclosed purchase price and approximate floor area, the transaction equates to about $125 per square foot, based on WarehouseArc’s calculation. That figure provides a measure of the capital committed to the property but not its investment yield: the tenant’s rent, capitalization rate, lease expiry and rent escalations were not disclosed.
The warehouse itself is designed for large-scale distribution. JLL Income Property Trust lists a 40-foot clear height, truck courts ranging from 135 to 185 feet, hydraulic dock levelers, LED lighting and an ESFR fire-protection system among its specifications.
No warehouse automation or material-handling systems were identified. The company also did not disclose dock-door counts, trailer parking capacity or the tenant’s investment in the facility.
The acquisition deepens JLL Income Property Trust’s exposure to a market where industrial conditions have improved substantially since 2024. Colliers reported Indianapolis industrial vacancy at 6.5% in the second quarter of 2026, down from a peak of 11.2% in the third quarter of 2024. The brokerage recorded 19.3 million square feet of net absorption over the preceding 12 months, with demand for big-box facilities contributing to the recovery.
The same direction is visible nationally. CBRE reported U.S. industrial vacancy declining to 6.5% in the second quarter, its first quarter-over-quarter decrease since 2022, while Cushman & Wakefield separately reported a 6.9% national rate and a sequential decline. Different research providers use different market definitions, but both recorded tightening vacancy during the quarter.
For JLL Income Property Trust, the Whitestown purchase also increases its exposure to an asset class that already represents the largest portion of its portfolio. As of June 30, industrial investments accounted for 38% of its approximately $6.9 billion portfolio, with about $2.5 billion invested across 64 industrial properties.
Its earlier Whitestown acquisition provides a useful indication of the scale of that investment. In April, the REIT paid approximately $60 million for the 605,000-square-foot Whitestown Distribution Center III, also a fully leased Class A facility. That equates to roughly $99 per square foot, compared with approximately $125 for Center IV.
The two figures should not be read as a direct valuation comparison. Center III and Center IV differ in size, age, tenancy and potentially their lease economics, while key financial information for the latest acquisition remains private.
The two large acquisitions in the same submarket nevertheless give JLL Income Property Trust substantially greater exposure to the Indianapolis logistics corridor. The latest deal alone adds a million-square-foot-plus distribution hub with an established network role rather than a vacant building requiring lease-up.
What investors cannot assess from the announcement is the income profile supporting the $137 million purchase. Without the tenant identity, rent, lease expiry or capitalization rate, the economics remain largely undisclosed even as JLL Income Property Trust commits significant additional capital to industrial real estate.